Apologies folks, had been away for quite sometime so could not update my blog. Well lots of things have happened between then and now, a new year has begun, a cruel dictator like Saddam Hussein was hanged, the US dollar continued to decline and the Euro and Yen have overtaken the former, and yes oil has not shown much change and has been hovering between $59-$61 a barrel.
There have been fears amongst investors that oil would shoot up to a tremendous level after the controversial hanging of Iraq’s dictator Saddam Hussein , but fortunately it did not effect the oil price that much and also did not really spark off any violence in the middle east. It echoed a consensus among everyone that what ever happened was for the good of Iraq and the rest of the world.
Well apart from that, a very prominent Asian country has been making waves in the sense of news. Indian oil companies namely Reliance Industries Ltd. and Oil & Natural Gas Corp. are ready to pay huge amounts for deepwater rigs off the Indian shores this year, after shortages faced by them last year causing prices to triple. With new explorations on the card it is very likely for the oil rigs to be in more demand. Rentals for rigs have also gone up with the rising demand.
The two Indian companies are very keen on jointly developing Tuba oilfield in Southern Iraq. This is an important step towards securing oil supplies to the sub-continent. I hope that it all goes well.
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